The Tax Problem You Can See... and the One You Can't
|
If you are a private practice owner, you've had that uneasy feeling many others get every time tax time rolls around. Maybe it’s because you owe the IRS. Maybe you’re behind on filings. Maybe you’re making good money but still wondering where it’s all goes every April. Or maybe nothing feels “wrong” at all—you just have a feeling you could be doing better. That feeling is usually telling you something. Over the years, I’ve found that most private practice owners fall into one of two categories: Some have an obvious tax problem. They’re dealing with IRS notices, unexpected tax bills, penalties, or years of frustration trying to get back on track. Others have a hidden tax problem. They’re filing on time. Their books are clean. Their tax professional prepares the return every year. But no one is proactively looking for ways to reduce what they legally owe. One problem is painful. The other is expensive. The good news? Both can be fixed. Tax resolution is about healing today’s tax problems—whether that means resolving IRS issues, catching up on compliance, or creating a path forward. Tax planning is about preventing tomorrow’s tax problems by making intentional decisions before December 31, not after. The strongest tax strategy combines both. That’s what I mean when I talk about improving your tax health. It’s not just filing an accurate tax return once a year. It’s understanding where you are today, fixing what needs attention, and putting a proactive strategy in place so you’re not facing the same challenges year after year. We’re already halfway through 2026. The decisions you make over the next six months will have a direct impact on what your tax return looks like next spring. The earlier we start, the more opportunities we typically have to improve your outcome. If you’ve been dealing with a tax problem—or you’ve simply wondered whether you’re paying more than necessary—this is the perfect time to take a closer look. Let’s build a healthier tax future for your practice. Schedule your consultation, and let’s identify the opportunities that still exist before year-end. P.S. Many practice owners first reach out because something has already gone wrong. My goal isn’t just to help solve today’s tax problem—it’s to make sure you don’t find yourself in the same position again. That’s the difference between tax resolution and long-term tax health. Karitsa Kerns, CPA, EA
I help private practice owners heal costly tax problems, reduce taxes legally, and prevent future tax issues with proactive tax strategies and expert tax resolution. DEADLINES September 15th -
October 15th -
|
Welcome to the KNK Tax & Accounting Blog
Have you ever been shopping during a sale, gotten to the register, and the cashier says: “Actually, I can give you another 25% off.” It wasn’t advertised. You didn’t know about it. But the cashier did. Would you say, “No thanks. I’d rather pay full price”? Of course not. Yet private practice owners do something similar with taxes all the time. They wait until tax season to talk to a tax professional. They get hit with a large tax bill and immediately start figuring out how to pay it. Or they...
Running a profitable private practice does not automatically mean you are paying the lowest amount of tax legally required. In fact, many private practice owners overpay—not because they did anything wrong, but because their tax strategy has not kept pace with the growth of their practice. Here are five common reasons: 1. Your business entity no longer fits the practice The entity that worked when your practice first opened may not be the most tax-efficient structure now. As revenue and...
The IRS recently announced a change that could make it easier for some taxpayers to get penalty relief. Starting this summer, the IRS will begin automatically removing certain penalties for taxpayers who have a strong history of filing and paying on time. In the past, you generally had to contact the IRS and request the First Time Penalty Abatement. Under the new process, called the Automatic Exemption from Penalty, eligible taxpayers will not have to ask. You may qualify if you filed your...